China's high-quality development featuring digital and green transition has provided crucial support for services trade and opened up new space for foreign companies.
Themed "Opening-up Leads Development, Cooperation Delivers the Future," the 2023 China International Fair for Trade in Services (CIFTIS) is being held in Beijing from Sept. 2 to 6. The digital and green drive is a major feature of the event, which has several related themed forums and exhibitions of cutting-edge services, technologies, and business models.
EMBRACING DIGITAL FUTURE
Digital technologies, including the Internet of Things, artificial intelligence (AI), and blockchain, have become a bright spot of the year's service trade fair, with multinationals flocking to tap opportunities.
At this year's event, Intel China, participating in the fair for the second time, showcased technologies and solutions in the areas of AI, personal computers, data centers, and smart retail sales.
Zhou Bing, vice president of Intel, said the CIFTIS features "vitality and opportunities this year," adding that the company has announced cooperation with many Chinese partners at the fair.
The vast blue ocean of China's digitalization drive has provided massive global market potential. The country's digital economy exceeded 50 trillion yuan (about 6.96 trillion U.S. dollars) for the first time in 2022, accounting for 41.5 percent of GDP.
In the first half of the year, the country's digitally delivered service trade increased by 12.3 percent year on year, 3.8 percentage points higher than the total service trade growth rate.
China has intensified its policy support to create a sound digital business environment. In August, the country unveiled guidelines to attract foreign investment, including measures encouraging multinationals to grasp growth opportunities in the country's digital economic development.
The country's Ministry of Commerce also announced Saturday that 16 more e-commerce parks will be listed as national e-commerce demonstration bases this year at the ongoing CIFTIS.
TAPPING GREEN POTENTIALS
Visitors to the 2023 CIFTIS need only scan a QR code on the fair's poster with a mobile phone and fill in the travel information, and then the system can estimate the carbon emissions generated. If the low carbon standard is met, the visitor has a chance to win an environmentally friendly gift.
"The 2023 CIFTIS plays an important exemplary role in key areas such as green and low-carbon transformation," said Zhao Bingdi, president of Panasonic Corporation of China.
Panasonic, which participated in the fair offline for the first time, set the theme as "Green Impact." "We should grasp the green and low-carbon business opportunities and constantly expand the application fields of products and services," he added.
China unveiled at the 2023 CIFTIS that it will establish a national voluntary greenhouse gas emission reduction trading market and support for the services sector's role in green development.
According to Michael Bi, Managing Partner of EY Greater China Markets, China's move to vigorously promote the development of green transformation further broadens the market development space for foreign companies and provides new trade growth drivers.
He added that EY China will also release a white paper entitled "Green Power Trading: Accelerating Green Energy Consumption" at the year's service trade fair to provide suggestions for enterprises to reduce carbon emissions.